India, Oct. 5 -- Ola Electric founder and CMD Bhavish Aggarwal has pledged a 4.32% stake in the electric two-wheeler maker to fund his participation in the company's proposed rights issue of up to Rs.1,000 Cr.

In an exchange filing yesterday, the company said the pledge was solely meant to finance Aggarwal's subscription to the issue and that there were no other pledges outstanding on his securities.

"No shares are being sold. The promoter will invest alongside all other shareholders on the same terms," Ola Electric said.

Citing the promoter's disclosures under SAST regulations, PTI reported that the arrangement involves pledging 20 Cr shares in favour of CTL Trusteeship Limited to secure non-convertible debentures issued by Krutrim Da...